At 10:44 am Singapore time (0244 GMT), the ICE September Brent futures contract was down 28 cents/b (0.39%) from the previous close at $71.95/b, while the NYMEX September light sweet crude contract was down 23 cents/b (0.33%) at $70.07/b.
EIA week ending 7/16
Crude oil: +2.1M
Gasoline: -0.1M
Distillates: -1.3M
Refiner utilz: 91.4%
Impld mogas demand: 9.30Mbpd
US crude inventories rose by 2.1 million barrels in the week ended July 16, with the build coming as large increases in stocks at the Gulf Coast and the West Coast overpowered a decline in Cushing, data released by the EIA late July 21 showed. Despite the build, crude inventories remained 7% below the five-year average at 439.7 million barrels.
Imports of crude averaged 7.1 million b/d last week, up 900,000 b/d from the previous week, while exports fell by 1.6 million b/d week/week. Overall petroleum demand increased 7% week/week, EIA’s Weekly Petroleum Status Report showed. Total products supplied – the agency’s terminology for consumption — averaged 20.6 million b/d over the last four-week period, up 15% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.4 million b/d, up 10%, and distillate fuel consumption averaged 3.8 million b/d, also ahead 10%. Jet fuel demand soared 50% to 1.4 million b/d, reflecting a rebound in travel as global economies reopen amid coronavirus vaccination efforts. The pandemic had decimated demand for travel fuels a year earlier.
The price of a barrel of Brent crude oil won’t fall below $60, according to analysts interviewed by Tass on Wednesday. Those analysts pin the recent price drop not on the OPEC+ decision to ramp up production quotas, but rather on the mounting fears that a rise in Covid-19 cases—particularly the Delta variant—will stall an economic recovery and hence oil demand. (OilPrice.com)
OIL MARKET ROUND-UP:
* Platts and ICE Announce New Plan to Overhaul Brent Oil Price
* Oil Demand Monitor: Gasoline Use Normal Across Many Nations
* Baker Hughes Sees Slower U.S. Shale Drilling for Rest of 2021
* U.S. Crude Stockpiles Rise, Production Stays Flat: EIA Takeaways
* European Fuel Flows Edge Lower With U.S. Gasoline Stocks High
* Stocks of Medium Distillates Hit 12-Week Low at Mideast Oil Hub
Rotterdam 3.5% INDIC
Aug21 384.00 / 386.00
Sep21 379.50 / 381.50
Oct21 375.25 / 377.25
Nov21 371.50 / 373.50
Dec21 368.25 / 370.25
Jan22 365.75 / 367.75
Q4-21 371.50 / 373.50
Q1-22 363.75 / 365.75
Q2-22 358.00 / 360.00
Q3-22 351.25 / 354.25
CAL22 354.00 / 357.00
Singapore 380 INDIC
Aug21 396.25 / 398.25
Sep21 392.75 / 394.75
Oct21 388.50 / 390.50
Nov21 385.50 / 387.50
Dec21 383.50 / 385.50
Jan22 381.25 / 383.25
Q4-21 385.75 / 387.75
Q1-22 379.50 / 381.50
Q2-22 374.25 / 376.25
Q3-22 368.50 / 371.50
CAL22 372.25 / 375.25
Rott VLSFO 0.5% INDIC
Aug21 496.75 / 501.75
Sep21 494.75 / 499.75
Oct21 492.50 / 497.50
Nov21 490.25 / 495.25
Dec21 488.00 / 493.00
Jan22 485.75 / 490.75
Q4-21 490.25 / 495.25
Q1-22 483.50 / 488.50
Q2-22 476.25 / 482.25
Q3-22 469.50 / 475.50
CAL22 472.75 / 478.75
Singapore VLSFO 0.5% INDIC
Aug21 516.75 / 521.75
Sep21 514.25 / 519.25
Oct21 511.75 / 516.75
Nov21 509.50 / 514.50
Dec21 507.25 / 512.25
Jan22 505.00 / 510.00
Q4-21 509.50 / 514.50
Q1-22 502.75 / 507.75
Q2-22 495.50 / 501.50
Q3-22 488.75 / 494.75
CAL22 492.00 / 498.00
Sing 10ppm GO INDIC
Aug21 77.92 / 78.06
Sep21 77.78 / 77.98
Oct21 77.55 / 77.75
Nov21 77.18 / 77.38
Dec21 76.80 / 77.00
Jan22 76.52 / 76.72
Q4-21 77.20 / 77.40
Q1-22 76.29 / 76.49
Q2-22 75.71 / 75.91
Q3-22 75.31 / 75.51
CAL22 75.40 / 75.80
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